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SUMMARY: The monetary policy committee voted 7-2 to maintain the benchmark rate at 5.25%, indicating that consumer prices are stabilizing according to targets. This represents a key global briefing verified by the VERITY newsroom.
LONDON — In its highly anticipated mid-year session, the Central Bank's monetary policy committee decided to keep benchmark borrowing rates unchanged at 5.25%.
The move aligns with analyst forecasts that expected the board to adopt a wait-and-see approach as the economy slowly digests past rate hikes. Inflation has cooled from its peak of 8.9% down to 2.4% over the last eighteen months, coming within striking distance of the bank's long-term 2.0% target.
Monetary authorities cite declining inflation rates approaching the 2.0% target as the main driver for holding interest rates at 5.25%.
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China is injecting 360 billion yuan, or about $53.6bn, into eight state-owned banks and insurance companies as Beijing seeks to strengthen financial stability and support the economy amid slower growth, weak domestic demand, property-market pressures and ongoing trade tensions with the US.